With the first round of re-imposed US sanctions on Iran coming into effect, the EU’s updated Blocking Statute enters into force tomorrow to mitigate their impact on the interests of EU companies doing legitimate business in Iran.
The updated Blocking Statute is part of the European Union’s support for the continued full and effective implementation of the Joint Comprehensive Plan of Action (JCPOA) – the Iran nuclear deal, including by sustaining trade and economic relations between the EU and Iran, which were normalised when nuclear-related sanctions were lifted as a result of the JCPOA.
The process of updating the Blocking Statute was launched by the Commission on June 6, when it added to its scope the extraterritorial sanctions the US is re-imposing on Iran. A two-month scrutiny period for the European Parliament and the Council followed. Since neither objected, the update will be published in the Official Journal and will enter into force on August 7.